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Insolvency law may deepen financial crisis

Jul 28, 2010
By Kira Savchenko

FRIENDLY BANKING: To cover expected losses due to the new law, borrowing rates will go up, says Teodors Tverijons.
RIGA - The parliament passed the controversial Insolvency law, which is aimed to help borrowers who find themselves in trouble with their finances. Banks are extremely unhappy with the new regulation and promise to raise interest rates for the new customers in order to cover expected losses. This could slow lending down even more in Latvia and make recovery of the economy more complicated, bankers say. Parliament approved Insolvency law in its first reading in June, but President Valdis Z ...

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